Business travel has picked up recently, with countries eliminating almost all restrictions and in-person conferences already booming. Surely you've missed those trips? The ones where you meet your colleagues and clients in real life, close deals, discuss business, and maybe even enjoy some good food and drink. But one thing is for sure; you didn't miss the expense reports and receipt reconciliation waiting for you when you got back to the office.
Well, we have good news for you….
At Payhawk, we're excited to share the launch of our latest feature with you: per diems.
Per diems are a fixed daily allowance companies provide to their team to cover business travel expenses or subsistence expenses. The new feature has several benefits:
With this new feature, we're aiming to say goodbye to the stress and effort companies must put into manually figuring out and reimbursing daily allowances. We massively reduce the admin burden (and save time in doing so) by calculating per diems automatically so businesses can reimburse their employees quickly and efficiently with direct reimbursements via Payhawk.
The Payhawk per diem feature is compliant with German regulations, too. The German Government sets specific per diem rates for companies to follow for their employees. These rates are based on the amount of time away from home. And they don’t include any costs already covered by the employer, such as accommodation.
With this launch, we now cover the whole spectrum of travel expenses: mileage, reimbursements, and per diem. So your finance team can track and control travel expenses at the touch of a button, and your employees feel empowered to focus on their actual job and objectives, not expense reports.
My story (a note from Raquel at Payhawk)
As a seasoned business traveller, this new feature is what I call the DREAM.
Before joining Payhawk, I used to work for a big international organisation based in Washington D.C. We used to travel 60-80% of the time to countries, mainly in Africa and South America, so trips could be 3-5 weeks long.
As a consultant, you had to pay for all your expenses and then get reimbursed. This process meant keeping every single receipt. Not only that, before the trip, we had to use a system to request approval for the trip. Then, another system to book our tickets and hotel. Then, you also had to check the per diem allowance of every city and hotel list we were allowed to stay in. It was madness.
After the trip, sometimes I had more than 5,000 USD in reimbursable expenses and around 100+ receipts. I had to take pictures individually and add them to an envelope.
Many other big organisations follow similar processes. Wasting time and resources on mundane tasks, going from one tool to another, adding zero value to the business. However, if they started using an expense management system and company cards like Payhawk, they could streamline travel expenses easily.
The 2023 Global Business Travel Forecast, a report that helps companies build and budget their travel and events programme, mentions that meeting and conference prices are expected to rise in 2023. Flight tickets and hotel bookings will also surge due to increased fuel prices, lack of raw materials, and staff shortages.
These cost increases mean taking control over travel spending in the next year will be crucial. Book a demo with us today to learn how we can help streamline business travel finances at your company.
Whether you have tens, hundreds, or thousands of employees, we’re making your business spend work for you, giving you control over spending at scale with a single solution. Say goodbye to tedious finance tasks, schedule a demo with us today.